Silver Demand Drivers (and vault totals)

[pmbug]

Update (see post #68 for last month):

• LBMA - As at end August 2024, ... There were also 26,245 tonnes of silver (a 1.4% decrease on previous month)... SLV report for 6 September claims 363.01 mtoz vaulted in London. That leaves a total of ~480.78 mtoz of silver in the London vaults not owned by ETFs. This compares to 493.22 mtoz reported at the end of July.
• COMEX - As of September 5, 306.01 mtoz registered + eligible - 103.17 mtoz owned by SLV = 202.84 mtoz not owned by ETFs. This compares to ~205.7 mtoz reported at the end of July.
• SFE/SGE - As of September 6 (SFE) and August 30 (SGE), 2,512,500 kg or 80.78 mtoz. This compares to 84.75 mtoz reported at the end of July.

The west has roughly 683.62 mtoz vaulted at LBMA + COMEX not owned by SLV. Total global including China is ~764.4 mtoz (19.27 mtoz less than at end of last month).

The LBMA total vaulted supply is down ~373 tonnes (~12 mtoz) from end of July. SLV gained 0.45 mtoz.

The COMEX is up 2.3 mtoz from end of July. SLV is about the same for the New York vault.

Sources:
LBMA: https://www.lbma.org.uk/prices-and-data/london-vault-data
SLV: https://emea-markets.jpmorgan.com/metalicsWebAppJanus/publicUnauthenticated/BONY_SLV.pdf
COMEX:

SEPT 5/GOLD CLOSED UP $18.00 TO $2512.90//SILVER WAS UP 55 CENTS TO $28.73//PLATINUM WAS UP $17.95 TO $928.10/PALLAIDUM WAS UP $1.25 TO $943.50//RUSSIA ANNOUNCES ITS ITS GOING TO BUY MORE MUCH PHYSICAL GOLD//ANOTHER GERMAN STABBING//VOLKSWAGEN MAY HA

WILLL FINALIZE LATER TODAY GOLD PRICE CLOSED UP $18.00 TO $2512.90 SILVER PRICE UP $.55 TO $28.73 Gold ACCESS CLOSED $2514.55 Silver ACCESS CLOSED: $28.77 Friday is OTC/London LBMA options exp…

harveyorganblog.com

(Michael #silversqueeze doesn't appear to have posted any updates on X/Twitter since August 5)
SGE/SFE:

 

[pmbug]

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...

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www.pcmag.com

 

[pmbug]

There is a lot of chatter on X/Twitter about an announcemt from Russia wherein they say they will be diversifying their reserves to include more precious metals including silver and platinum in addition to gold. Most seem to be hyping the news as if they will be a significant international buyer like India or China, but I read a comment that claimed the Russian fine print indicates they will only be buying/sourcing from domestic production. If that's true, I don't think it's going to have any appreciable impact on global silver markets supply/demand.

 

[pmbug]

Related to my previous post:

Russia Set to Boost Silver Reserves in Major Precious Metals Strategy Shift

Russia shifts its precious metals strategy, adding silver to state reserves alongside gold, platinum, and palladium—potentially impacting global markets as central banks reconsider silver's value.

www.jpost.com

 

[pmbug]

Update (see post #81 for last month):

• LBMA - As at end September 2024, ... There were also 26,212 tonnes of silver (a 0.1% decrease on previous month)... SLV report for 8 October claims 368.25 mtoz vaulted in London. That leaves a total of ~474.48 mtoz of silver in the London vaults not owned by ETFs. This compares to 480.78 mtoz reported at the end of August.
• COMEX - As of October 7, 305.873 mtoz registered + eligible - 103.17 mtoz owned by SLV = 202.70 mtoz not owned by ETFs. This compares to ~202.84 mtoz reported at the end of August.
• SFE/SGE - As of October 8 (SFE) and September 30 (SGE), 2,536,031 kg or 81.53 mtoz. This compares to 80.78 mtoz reported at the end of August.

The west has roughly 677.18 mtoz vaulted at LBMA + COMEX not owned by SLV. Total global including China is ~758.71 mtoz (5.69 mtoz less than at end of last month).

The LBMA total vaulted supply is down ~33 tonnes (~1 mtoz) from end of August. SLV gained 5.24 mtoz.

The COMEX is down 0.14 mtoz from end of August. SLV is about the same for the New York vault.

Sources:
LBMA: https://www.lbma.org.uk/prices-and-data/london-vault-data
SLV: https://emea-markets.jpmorgan.com/metalicsWebAppJanus/publicUnauthenticated/BONY_SLV.pdf
COMEX:

OCT 7/GOLD CLOSED DOWN $1.85 TO $2646.35//SILVER WAS DOWN 39 CENTS TO $31.77//PLATINUM WAS DOWN $14.00 TO $978.40 WHILE PALLADIUM WAS UP $20.15 TO $1028.65//ALASDAIR MACLEOD ON SILVER FUNDAMENTALS IS A GREAT READ//ISRAEL VS HEZBOLLAH AND ISRAEL VS HA

GOLD PRICE CLOSED DOWN $1.85 TO $2646.35 SILVER PRICE DOWN $0.39 TO $31.77 Gold ACCESS CLOSED $2642.80 Silver ACCESS CLOSED: $31.70 Bitcoin morning price:$62,854 UP 250 DOLLARS. Bitcoin: afternoon …

harveyorganblog.com

SGE/SFE:

 

[pmbug]

I don't have time today, but I need to update my monthly silver vault posts to include more ETF analysis on the LBMA vault numbers. I found this 3+ year old report from Ronan Manly with some source links:

85% of Silver in London Already Held by ETFs

In addition to SLV, another 13 ETFs store silver in LBMA vaults, holding 85% of all the silver in London.

www.bullionstar.com